The Empire State survey's new orders index, which is an indicator of future activity, plunged 17 points to -23.5.

And the survey respondents don't think it will get much better in the near term.

"Indexes for the six-month outlook fell sharply this month, suggesting that optimism about future business conditions weakened considerably," the survey said. "The index for future business conditions plunged twenty-six points to 9.5, its lowest level since 2009."